Kohinoor invests Rs 300 cr in realty

Kohinoor Group is foraying into real estate with Rs 300 crore (Rs 3 billion) township in Vidya Vihar near Ghatkopar.

The group, promoted by former Maharashtra chief minister Manohar Joshi, is planning to put up a mini township of 600 flats with hospitals, malls and schools near Vidya Vihar station.

The project will be the first of its kind in Mumbai with services such as laundry mail service and emergency services, in addition to the usual facilities.

Unmesh Joshi, chairman and managing director of Kohinoor Planet Constructions, said "It is only by providing services and maintaining the complex ourselves, that we can keep its value from sliding down. So we have decided to provide some value-added services."

The complex will house two schools, a hospital, a state of the art auditorium and a 650,000 square feet mall, Joshi said.

The 650,000 sq ft mall will house 400,000 sq ft of retail space, 200,000 sq ft of commercial and office space and 50,000 sq ft of hotel space. It would be first instance of a mall hotel coming up for Mumbai.

Kohinoor is planning to start construction on a 600,000 sq ft residential project and a 250,000 commercial property in the Dadar Mahim area in two months.

Kohinoor has also tied up with US-based realty company, Oakwood Apartment Services, to explore the possibility of providing other services such as furnished apartments to corporates.

Joshi said the company, had built smaller one-off residential buildings in the city earlier, but this was for the first time they were entering the market with a view to build a brand.